欺诈发行责令回购制度的性质与功能定位探究  

Exploration of the Nature and Functional Positioning of the Fraudulent Issuance Order Repurchase System

作　　者：孙泽杭 SUN Zehang(Wuhan University,Wuhan 430000,China)

机构地区：[1]武汉大学法学院,湖北武汉430000

出　　处：《金华职业技术学院学报》2022年第5期33-39,共7页Journal of Jinhua Polytechnic

摘　　要：证券发行人欺诈发行时,证监会要求责任人向投资人回购股票的“责令回购”作为一项全新制度,充分体现了新《证券法》在保护投资者方面追求的“简便、快捷”,在突破传统投资人保护方式的同时也超越了典型行政行为所能涵盖的范围,但这一突破同样造成诸多适法难题。为此,笔者认为应当充分考察立法目标与价值导向,结合行政过程理论,明确其内在规定的合理性,将责令回购制度认定为一项行政强制措施,使其符合立法取向与社会期待,从而有效解决现存问题,充分保护广大证券投资者的信心。In the event of fraudulent issuance of securities, the SFC requires the responsible person to repurchase the shares from the investors. As a brand-new system, it fully reflects the“simplicity and speed”pursued by the new Securities Law in protecting investors. It innovates the means of protecting the traditional investors, whereas it surpasses the scope covered by the typical administration. Thus, this breakthrough has created a number of legal problems. It is suggested to fully consider the legislation objective and value orientation and integrate the administration process theory to make clear the rationality of the stipulation. This paper argues that the repurchase order system should be recognized as an administrative coercive measure in line with the legislative orientation and social expectations, and can effectively solve the existing problems and fully protect the confidence of Chinese securities investors.

关 键 词：证券投资者保护 责令回购 行政过程理论 行政强制措施 

分 类 号：D912.28[政治法律—民商法学]